Loss Mit
Borrower Solicitation Package is sent to the borrower(s) on what day of delinquency?
+25 for who sends it out
45th Day
Which type of BK filing is considered a re-payment plan?
CH 13
(3-5 years)
What is the purpose of a Breach Letter?
To inform the borrower that they have breached the contract by defaulting
What does MDST stand for?
Mortgage Dispo Support Team
How long does the Docs team have to execute a document?
15 calendar days
CFPB stands for what?
Consumer Financial Protection Bureau
Which task is opened for loans returning to foreclosure from bankruptcy, without loss mitigation activity?
BKYFOR
How many days delinquent does a loan need to be, before it is referred to foreclosure?
120 days
(referred on day 121)
Who does MDST submit payoff/reinstatement figures to?
The FC Attorney/Firm
What is required on a MERS assignment?
MIN# Must be on the 1st page of assignment
Phone # (MERS SIS)-(888)-679-6377 or (888)- 679-MERS
Address P.O. Box 2026, Flint, MI 48501-2026
Name the 3 types of delinquent borrowers.
Distressed
Occasional
Chronic
What does it men when a loan is reaffirmed?
Reaffirming means that the debtor agrees that the debt will remain even after the bankruptcy discharge.
Who is the Management team in Pre-Foreclosure?
Chris: Assistant Manager
Sunny, Shavon & Gloria (HSBC): Supervisors
Heather: Team Lead
Per CFPB guidelines, how long do we have to send out reinstatement/payoff figures?
7 business days
How do you escalate a signature required document?
To escalate document execution add the loan to the doc escalation log, and should be completed within 2 days.
If it is not completed, email Doc Escalation Proxy: docescalationproxy@dmicorp.com
What is the first workout option that is considered?
Repayment plan
What is the difference between a dismissal and a discharge?
Dismissal - failure to complete the BK
Discharge - BK completed successfully
How long are NY-90 day letters, good for?
1 year
Who is the management team for MDST?
AM: Aaron Good
Supervisor: Rich Fike
Team Lead: Victor Escobar
What four job functions make up the Docs team?
Printing Reps
Document Reps
Figures Reps
Document Auditors
SALE 45 breakdown
30 days for CFPB decision
7 days for mailing
8 days for any potential hearings
How many days post-petition delinquent must the borrower be before an MFR can be filed?
60 days delinquent
How many different teams are in Pre-Foreclosure?
100 bonus points to name them all!!
6!
Demand, Front-End Coordinators, 900, QC, Docs & Desktop
Name 5 MDST functions
Foreclosure setups
Bankruptcy Setups
Foreclosure Registration
Financial Breakdowns
Judgment Figures
Payment History
Payoff/Reinstatement Figures
Restart/Resume
Restart Needed
AITNO
Screen-prints
Service Transfers
Foreclosure Cash
Service Transfers
What are the signing capacity titles?
Vice President
Assistant Vice President
Assistant Secretary